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From the team at Personal Bankruptcy Canada, Enjoy!

Times are tough and more and more Canadians are relying on credit cards to buy necessities and pay bills. Household debt in Canada is at record highs and with probable increases in interest rates in the future, many of us will be in even more dire straits if rates rise significantly. While your credit card issuers cannot force you to…

When it comes to bankruptcy, not all debts are the same. There are two different kinds of debts—unsecured and secured debts. In bankruptcy, only your unsecured debts are discharged. That may leave you with the question: What happens to my secured debts? Secured versus Unsecured Debts A secured debt is one that is attached to some sort of collateral. This…

One of the most important elements of filing for bankruptcy is the proper execution of essential documents. Bankruptcy paperwork is handled by a bankruptcy trustee. These professionals guide individuals through the process of bankruptcy as required by the Bankruptcy and Insolvency Act (BIA). Understanding the paperwork your trustee will file in your behalf will help you provide the information your…

Financial problems are some of the most stressful issues people face. At one point or another, most of us deal with money issues. In fact, one recent survey found that 61% of Canadians admitted worryin g about their finances. Part of this stress comes from the fact that financial problems often snowball into more serious problems, from not being able…

As the costs of higher education have skyrocketed over the last few decades, more and more students have gone deeper into debt to finance their educations. In Canada, the amount of government assistance for college educations has declined, forcing students to borrow even more. Typically, students borrow from multiple sources and consequently end up making monthly loan payments to several different…

As you explore your debt relief options in Canada, you might be asking, "How will bankruptcy affect my spouse?" The good news is that your partner is NOT responsible for the legal debts you have incurred when you have acted alone. Individually contracted debt by one spouse does not obligate the other. If however, both you and your partner’s names are on…

Options Worse Than Bankruptcy? How Can It Be? There’s a lot of shame that comes with declaring bankruptcy. For many people, choosing this option – even when it’s the only viable one that remains – feels like failure. In the U.S. in 2006, professors Deborah Thorne and Leon Anderson of Ohio University assessed the level of shame and stigma attached…

The problem with debt is that it often gets much worse before it gets better. If you’re in really deep, you’ll struggle to make ends meet, creditors may begin harassing you and you’ll begin to wonder if you’ll ever be able to turn things around. But no matter how bad things get, people tend to cringe at the mention of…

Today, Personal Bankruptcy Canada announced the development of a new standard of practicing bankruptcy in Canada, called F.A.I.R. Practice. It has been estimated that Canada's poorest have been overpaying for their bankruptcies by more than ten million dollars (or $350 per family) a year. What is it? [Tweet "F.A.I.R. Practice is designed to change the way bankruptcy is administered to Canada's…

Orderly Payment of Debts Canadians who are unsure about their financial future are doing what they can to protect themselves from personal bankruptcy. Some are able to establish personal budgets allowing them to cut expenses and use the savings to pay down debt faster. For many others personal budgets are not enough. Their total monthly debt repayments are simply too…

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